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Archive: 16 November 2024

Posts in 16 November 2024

Course on Mastering GST Sections Effortlessly with Memory Techniques!

November 28, 2024 6039 Views 0 comment Print

Simplify GST learning with memory techniques. Join live sessions, master CGST sections, and retain knowledge effortlessly. Register now for practical GST mastery!

New Transaction and Product Codes for DBT Transactions

November 16, 2024 438 Views 0 comment Print

NPCI introduces new transaction codes for DBT under NACH. Changes apply to APBS and ACH transactions with updates effective November 23, 2024.

Section 153A Assessments Not Solely Dependent on Incriminating Material

November 16, 2024 2655 Views 0 comment Print

ITAT Jaipur dismisses appeal in Kavita Samtani Vs DCIT, upholding additions under Section 68 of the Income Tax Act for unexplained credits.

GST Liability On Owner Of Oil Tanker Leased To Petrolium Company

November 16, 2024 13068 Views 0 comment Print

Clarifies GST liability on oil tanker lease charges, emphasizing exemption for owners under Notification 12/2017.

Common Mistakes to Avoid While Making Income Tax Payments

November 16, 2024 1383 Views 0 comment Print

Avoid common income tax payment mistakes, including incorrect forms, delayed payments, and incorrect PAN, to ensure compliance and avoid penalties.

Important Advisory on GSTR-2B for October 2024

November 16, 2024 15237 Views 0 comment Print

Understand scenarios where GSTR-2B is not generated for October 2024, including QRMP scheme details and filing prerequisites. Read the GST advisory for insights.

Section 263 Not Invocable if Assessment is Erroneous but Not Prejudicial to Revenue Interests

November 16, 2024 1329 Views 0 comment Print

ITAT Cochin rules AO’s assessment must be both erroneous and prejudicial to revenue for S.263 proceedings. Delay condoned; appeal allowed for Kool Home Builders.

Amendment to Section 153C by Finance Act, 2015 Applies to Searches Conducted Before Its Enactment

November 16, 2024 603 Views 0 comment Print

Delhi High Court remands ITAT case for reconsideration on S. 153C, clarifying its applicability to searches conducted before the Finance Act 2015 amendment.

Minor Procedural Lapses not Ground for denying SAD Refund: CESTAT Chennai

November 16, 2024 288 Views 0 comment Print

CESTAT rules procedural lapses insufficient to deny SAD refund if taxes are paid, upholding Noritsu India’s claim on imported photofinishing equipment.

No Section 14A Disallowance Without Exempt Income: Delhi HC

November 16, 2024 597 Views 0 comment Print

Delhi High Court rules that Section 14A disallowance doesn’t apply if no exempt income is earned. Dismisses Revenue’s appeal against Sahara India Financial Corp.

ITAT Chennai Remands Case to CIT(A) for Fresh Review Over Lack of Application of Mind

November 16, 2024 357 Views 0 comment Print

ITAT Chennai remands G. Sekar’s case to CIT(A) for procedural review, highlighting deficiencies in prior assessment order. Fresh adjudication directed.

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